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Oct 6, 2017
10/17
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the designation is deficit-neutral however could pave the way for achieving deficit neutrality by dropping the tax revenues and dramatically cutting all kinds of other programs. my proposal is really simple. this whole process is about tax reform. that's what it's about so let's instead of saying it has to be deficit-neutral let's say at a minimum it has to be revenue-neutral and that way we are not achieving the neutrality by cutting taxes and cutting expenses. what i do is really simple. it's just changing the deficit neutrality requirement to a requirement that the legislation with being revenue-neutral over fiscal years 2018 through 2027. >> further comments in favor to ask two minutes in opposition. >> thank you mr. chairman. i think the problem with this amendment is that it could have, first of all i think it's unnecessary and secondly i think it could have unintended adverse consequences. first of all social security can't be but the authority budget law. our government could this reconciliation protection of subsequent tax reform -- medicare and medicaid is tax reform that we are
the designation is deficit-neutral however could pave the way for achieving deficit neutrality by dropping the tax revenues and dramatically cutting all kinds of other programs. my proposal is really simple. this whole process is about tax reform. that's what it's about so let's instead of saying it has to be deficit-neutral let's say at a minimum it has to be revenue-neutral and that way we are not achieving the neutrality by cutting taxes and cutting expenses. what i do is really simple. it's...
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6.0
May 2, 2023
05/23
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when you said that biden had reduced the deficit, he reduced the deficit. let's put it this way, the deficit came down from about three points. this is the annual deficit in 2020 it was about 3.1 and that was covid and all the other things that were going on at that time and yes the deficit has gone from three down to about $1 trillion coming off covid. the problem here is that is the deficit, the annual deficit, it's not the debt. the total continues to grow in in fact the debt has grown under this administration but it's not just this administration. you have to go back. this has been going on for a long time and some of the programs that we have on the books today to be honest with you such as social security and medicare created many years ago and of the roosevelt administrationat with the johnsn administration even longer expansion of the food stamp program under the nixon administration those particularm programs are on the books and they are creating a draw on our spending and so this is a combination i of a number of policies both democrats and repu
when you said that biden had reduced the deficit, he reduced the deficit. let's put it this way, the deficit came down from about three points. this is the annual deficit in 2020 it was about 3.1 and that was covid and all the other things that were going on at that time and yes the deficit has gone from three down to about $1 trillion coming off covid. the problem here is that is the deficit, the annual deficit, it's not the debt. the total continues to grow in in fact the debt has grown under...
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Jun 18, 2009
06/09
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that under their president we had the most outrageous deficits, the most outrageous debt. we democrats under bill clinton got a balanced budget in place. and we had a surplus, not a deficit, we had a surplus and then we had the debt down and it was going to be eliminated and george bush came in, he started this war in iraq, a war with an open checkbook, no end in site, no checks and balances on it, and tax breaks to the people who earn $1 million or more. and it drove us into the ground. and that's what brought us to this january. within our in the president took all of this on his shoulders and shared the burden with the democratic progress. and i think we have averted the rest of it. we have a long way to go. i think this supplemental will help us get the rest of the way. because coming at us is paying paying. coming at us is fiscal responsibility. coming at sauce challenge. we're going to have to make those difficult choices. that's bun of the reasons we want to take care of health care and energy, because at the end of the day those will help our economy. so the challe
that under their president we had the most outrageous deficits, the most outrageous debt. we democrats under bill clinton got a balanced budget in place. and we had a surplus, not a deficit, we had a surplus and then we had the debt down and it was going to be eliminated and george bush came in, he started this war in iraq, a war with an open checkbook, no end in site, no checks and balances on it, and tax breaks to the people who earn $1 million or more. and it drove us into the ground. and...
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Feb 15, 2018
02/18
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your deficit spending? >> we are disappointed in the size of the deficit and it doesn't balance but this recognizes the reality in washington d.c. with a dollar for dollar ransom on military spending and we cannot change that. >> so as a veteran of the military there is nothing we can do to further our chances and then to invest in things like education. that is how we maintain our edge but i do have another question about the assumption that you have made that you are overly optimistic you projected growth of 3.1% but in december the federal reserve projected 2.2% survey of professional forecasters said 2.4% but you mentioned the obama economy but that trump economy is already in a nosedive at only one year in. but your predecessor created 2 million jobs over the past year that sounds pretty good except warmer created by obama in 2011 and 2012 and 2013 and 2014, 2015 and 2016. and finally you take credit for being willing to take tough decisions but i was the first and only president to state there would b
your deficit spending? >> we are disappointed in the size of the deficit and it doesn't balance but this recognizes the reality in washington d.c. with a dollar for dollar ransom on military spending and we cannot change that. >> so as a veteran of the military there is nothing we can do to further our chances and then to invest in things like education. that is how we maintain our edge but i do have another question about the assumption that you have made that you are overly...
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0.0
May 1, 2023
05/23
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@ yes, the deficit, the deficit has gone from three down to about $1 trillion. that's coming off covid problem is next to deficit your annual deficit t is not the debt this all continues to grow in fact yet has grown under this administration but it's not just as you go quite a ways this is been going on for a long time and some of the programs we have on the books today be honest with you such as social security and medicare created many years ago the roosevelt administration, johnson administration, even under expansion of the food stamp program under nixon administration, n,those programs are all the books they are creating a draw on our spending so this is a combination of number of policies will republican democrats over the years it's a not one estrogen is for a level of debt we have today is a culmination of many years of policies we've established a or currently pay for our expenditures on an annual basis. >> all on screen you mentioned washington post did nine key moments of the national debt and is things like the bush tax wars in iraq a afghanistan, m
@ yes, the deficit, the deficit has gone from three down to about $1 trillion. that's coming off covid problem is next to deficit your annual deficit t is not the debt this all continues to grow in fact yet has grown under this administration but it's not just as you go quite a ways this is been going on for a long time and some of the programs we have on the books today be honest with you such as social security and medicare created many years ago the roosevelt administration, johnson...
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Feb 14, 2018
02/18
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just as the nation faces a skyrocketing deficit, the national academy of science estimates that immigrants, on average, contribute over $92,000 more than they receive in government benefits over the course of their lives and losing these american workers would further shrink revenue that could help balance the budget. if congress decides to take on immigration reform of this magnitude, it must be in bipartisan immigration reform and not in the context of resolving this crisis that has been prompted by president trump. nor should this discussion suggest that a desire to do the right thing by dreamers somehow indicates a lack of appreciation for the importance of securing our borders. i believe my colleagues both sides of the aisle that border security is of critical importance to our nation. i have voted to increase -- to kin crease support for homeland security and border control by billions of dollars. in fiscal year 2000, there were 8,619 border patrol agents on the southwest border. today there just show of 20,000. the obama administration added 3,000 border patrol agents on the souther
just as the nation faces a skyrocketing deficit, the national academy of science estimates that immigrants, on average, contribute over $92,000 more than they receive in government benefits over the course of their lives and losing these american workers would further shrink revenue that could help balance the budget. if congress decides to take on immigration reform of this magnitude, it must be in bipartisan immigration reform and not in the context of resolving this crisis that has been...
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Sep 20, 2017
09/17
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the score needs to show the deficit numbers. they need to achieve a certain percentage of savings. the preliminary score is expected to show those details but it might not show the specific details on coverage numbers. some senators have done well before the. >> the president just tweeted on this topic. >> rand paul is a friend of mine but he is such a negative force when it comes to fixing healthcare. graham cassidy bill is great and it ends obamacare. t talk about the influence of the role he played in this process of getting the legislation passed. >> definitely an important influence. they've come out in favor, that's one of the strongeste statements we've heard so far. t vice president mike pence yesterday had lunch withth senate republicans and was urging them, saying this is our chance to go out and repeal and replace obamacare. the white house is pushing the senate stephanie important. this is the kind of thing where you see the vice president and the president really urging senators to vote for this and get involved.su sometimes it's more successful. last time we did this
the score needs to show the deficit numbers. they need to achieve a certain percentage of savings. the preliminary score is expected to show those details but it might not show the specific details on coverage numbers. some senators have done well before the. >> the president just tweeted on this topic. >> rand paul is a friend of mine but he is such a negative force when it comes to fixing healthcare. graham cassidy bill is great and it ends obamacare. t talk about the influence of...
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Mar 31, 2022
03/22
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if they had their way in the deficit in future your deficits would be hundreds of billions of dollars higher. notably the president's reckless spending spree that democrats spent all of last year working to pass is a footnote in this budget even assuming the reckless spending spree isn't going anywhere the budget still includes unprecedented levels of spending, tax hikes and deficits and debt. under the president's budget, spending would average 23.4% of the economy over the next ten years. historically, this is a level of spending previously only seen for brief periods in response to a recession. trillion dollars of tax increases that i think is going to be a job killer. despite record levels of tax hikes it fails to balance and pay the debt or deficit on a sustainable path the annual deficit, the amount that we would spend each year beyond what we taken as revenue with $1 trillion to the next ten years and reaches one in eight tenths trillion in 2032. moreover, the public national debt claims to 106.7% of the economy which would be the highest reported level of debt in the nation's
if they had their way in the deficit in future your deficits would be hundreds of billions of dollars higher. notably the president's reckless spending spree that democrats spent all of last year working to pass is a footnote in this budget even assuming the reckless spending spree isn't going anywhere the budget still includes unprecedented levels of spending, tax hikes and deficits and debt. under the president's budget, spending would average 23.4% of the economy over the next ten years....
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Oct 31, 2018
10/18
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the effective tax rate right now is 14% and isn't enough to make up the deficit and the country. it's not because of excess spending and again he's talking about cutting spending. that's going to impact all of us but what did happen is we increased the tax deficit in the country by 1.5 trillion by getting a handout to billionaires and millionaires. these are the facts. spending is the problem. the problem is we have a republican party right now but is more beholden to the very wealthy than the regular working people, and i am somebody that is going to stand up and fight for the rest of us. >> you heard it right here first the corporate rethink the business rates 28% to 38%. that would hurt american business and drain our economic growth to a halt. businesses be america again. we see the companies growing the number of jobs and 2400 average races to alter truck drivers and the small businesses like omaha track going from 200 people to 260. we see many of our banks paying a minimum wage of $15 an hour. she is going to undermine the economic growth with those taxes. >> our deficit i
the effective tax rate right now is 14% and isn't enough to make up the deficit and the country. it's not because of excess spending and again he's talking about cutting spending. that's going to impact all of us but what did happen is we increased the tax deficit in the country by 1.5 trillion by getting a handout to billionaires and millionaires. these are the facts. spending is the problem. the problem is we have a republican party right now but is more beholden to the very wealthy than the...
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Oct 30, 2018
10/18
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what did happen as we increased the tax deficit by 1.5 trillion, by giving a handout to billionaires and millionaires. these are the facts. spending is not the problem. the problem is the fact we have a republican party beholden to the wealthy in this country than the regular working people, and i'm somebody that is going to stand up and fight for the rest of us. >> you heard it here, right here first. she wants to raise corporate rates or business rates 21% to 38%. that would hurt american business and drain our economic growth to a halt. it would see businesses fleeing america again. again. in the district we see companies growing their jobs, the number of jobs and we see giving up 2400 average raises to alter truck drivers and small businesses growing like omaha truck went from 200 people to 260. we see many of our banks paying the wages of $15 an hour. she is going to undermine the growth with raising those texas. >> congressman for 30 seconds. >> we don't have the economic growth were touting because the deficit is too high and when you talk about hurting americans as is, there
what did happen as we increased the tax deficit by 1.5 trillion, by giving a handout to billionaires and millionaires. these are the facts. spending is not the problem. the problem is the fact we have a republican party beholden to the wealthy in this country than the regular working people, and i'm somebody that is going to stand up and fight for the rest of us. >> you heard it here, right here first. she wants to raise corporate rates or business rates 21% to 38%. that would hurt...
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Jan 25, 2017
01/17
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be offset by other actions to reduce the deficit. president obama opted not to use this bill. will you go back to enforcing this? >> like to point out i believe that rule is attached to a debt ceiling debate as a specific example of how we do take that opportunity to try to reform our spending system. i look forward to advocating to the president that it would be fiscally sound to encourage that. >> one of the problems we have had not only in the past a ministration but it administrations in general is, as we ask for things from the omb, s for things from various agencies sometimes those are not given to us in a timely fashion. i know you have been frustrated with this as a member of congress. everybody in the room has been frustrated. will you tell us that you will be responsible into and so we can get the information we request? >> as i believe i mentioned, i have been on the other side of that. having been a member of congress and seen what it does to the way we operate over don't talk to each other and communicate is not help 20
be offset by other actions to reduce the deficit. president obama opted not to use this bill. will you go back to enforcing this? >> like to point out i believe that rule is attached to a debt ceiling debate as a specific example of how we do take that opportunity to try to reform our spending system. i look forward to advocating to the president that it would be fiscally sound to encourage that. >> one of the problems we have had not only in the past a ministration but it...
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Feb 15, 2017
02/17
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that debt is a chelation of deficits over the years. >> the baby boom generation will be retiring en masse here. what happens to medicare and social security over the next 25 years? >> they go up. >> okay. in 1950, how many workers were there for every socialist duty recipient? >> i think 15, 16 at some point. >> how many today? >> three. >> how many in 20 years? >> two. >> how can two people do with 16 people used to do? >> short answer is that they can't. >> are we living longer or shorter? >> longer. >> so we're living longer, fewer workers and more people are retiring. those -- >> those are the hard facts speak what you tell president trump ignores that he can never get us out of debt? >> yes, sir. >> will you tell him that the amish made about medicare and social security is going to lead to their demise if you don't change that promise? >> yes, sir. >> will you tell him that there'that is abipartisan way ts been studied extensively without gutting the program that is saving the program? >> i am familiar with that, yes, sir. >> would you agree that for younger workers they may h
that debt is a chelation of deficits over the years. >> the baby boom generation will be retiring en masse here. what happens to medicare and social security over the next 25 years? >> they go up. >> okay. in 1950, how many workers were there for every socialist duty recipient? >> i think 15, 16 at some point. >> how many today? >> three. >> how many in 20 years? >> two. >> how can two people do with 16 people used to do? >> short...
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Mar 14, 2013
03/13
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it builds on the $2.4 trillion deficit reduction marty donovan and positional 1.85 trillion in new deficit reduction for a total of $4.25 trillion in deficit reduction since the simpson-bowles report. it reduces the deficit to below 3% of gdp by 2015 and keeps it well below that level for the rest of the 10 year window in a responsible way and it pushes our debt as a percentage of the economy down and moving in the right direction. the budget tackles this issue with the american people have consistently said they wanted to have it done. with an equal mass of responsible spending cuts, and new revenue raised by closing loopholes that primarily benefit the rich. this is cut by $970 billion in the midst of tough choices to get there. we think that every program, including the ones we know are important and need to be trimming fat and reducing cost to taxpayers. $500 billion of our deficit reduction comes from responsible savings on the domestic spending side, including health care savings doesn't harm seniors and families. there are no sacred cows. we put everything we can on the table. we wi
it builds on the $2.4 trillion deficit reduction marty donovan and positional 1.85 trillion in new deficit reduction for a total of $4.25 trillion in deficit reduction since the simpson-bowles report. it reduces the deficit to below 3% of gdp by 2015 and keeps it well below that level for the rest of the 10 year window in a responsible way and it pushes our debt as a percentage of the economy down and moving in the right direction. the budget tackles this issue with the american people have...
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Mar 20, 2015
03/15
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, deficit neutral reserve fund. we need to invest billions of dollars in energy efficiency, weatherization and sustainable energy. so her amendment is exactly the right thing but we have to go beyond a deficit neutral reserve fund. >> next would be senator baldwin. >> thank you, chairman enzi. i would like to bring up the baldwin amendment to strike section 405 of the budget resolution. this amendment is also cosponsored by senator warner. it is very simple. it would strike section 405 of the chairman's mark which eliminated a point of order against reconciliation legislation that would increase the deficit or reduce a surplus. . . >> thank you. i think those of us who have been on this committee for some time remember senator conrad. this is the reason they called it the conrad row. it was put in if memory serves correctly, against the wishes of many on our side. it simply said if you are going to use reconciliation, he wants to use these extraordinary rules let's stay true to the purpose which ought to be about th
, deficit neutral reserve fund. we need to invest billions of dollars in energy efficiency, weatherization and sustainable energy. so her amendment is exactly the right thing but we have to go beyond a deficit neutral reserve fund. >> next would be senator baldwin. >> thank you, chairman enzi. i would like to bring up the baldwin amendment to strike section 405 of the budget resolution. this amendment is also cosponsored by senator warner. it is very simple. it would strike section...
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Mar 20, 2015
03/15
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in fact the affordable care act reduces the deficit according to the cbo. it is very clear that repealing the affordable care act will actually increase the deficit and it is acknowledged in here by accepting a point of order on anything that increases the deficit as a result of the affordable care act. we need honesty and budgeting. if this budget repeals the affordable care act all the services for 16.4 million men and women children who receive health care for the first time maybe other and we know that repealing miss will increase the deficit and we need to be honest about it. this would strike the exception and continue a point of order as we do for every other part of the budget. >> i think this will prohibit getting even some efficient use. i would ask or a no vote. i assume a roll call vote is desired. clerk will call the roll. [roll call] [roll call] [roll call] [roll call] [roll call] mr. chairman, the yeas are: 10 the nays are: 12. >> humanities fail. >> thank you mr. chairman. since 2010, 47 municipalities have declared bankruptcy. estimates of
in fact the affordable care act reduces the deficit according to the cbo. it is very clear that repealing the affordable care act will actually increase the deficit and it is acknowledged in here by accepting a point of order on anything that increases the deficit as a result of the affordable care act. we need honesty and budgeting. if this budget repeals the affordable care act all the services for 16.4 million men and women children who receive health care for the first time maybe other and...
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Nov 15, 2014
11/14
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the deficit and when i say fairly normal recovery i mean the deficit is coming back down. it's been a slow recovery but it's really the trajectory going forward and that is the demographics and that makes it difficult to talk about because it does involve popular programs like social security and medicare which are going to get more expensive simply because there are more beneficiaries. even if health care costs stabilize still would be a very expensive growth in these programs because of a number of beneficiaries. that puts revenues in place because you have to think spending is going on autopilot and doing need to look at better ways of raising more revenue than in the past and what are the historic trends looking like you're? so politically that leads to a discussion that neither republicans or democrats particularly want to have. i think a lot of it is really democratically -- demographically driven when you look at the future and those are the things we need to get at long-term. >> you have sequestration that goes back into effect october 1 and we have mandatory domes
the deficit and when i say fairly normal recovery i mean the deficit is coming back down. it's been a slow recovery but it's really the trajectory going forward and that is the demographics and that makes it difficult to talk about because it does involve popular programs like social security and medicare which are going to get more expensive simply because there are more beneficiaries. even if health care costs stabilize still would be a very expensive growth in these programs because of a...
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Jul 18, 2014
07/14
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in addition, actual deficit, not just projected deficits but actual deficits have fallen dramatically from 1.4 trillion in fiscal year 2009 to less than 600 billion today, and are expected to continue shrinking as a share of the economy in the near future. but as he goes long-term report makes clear, the deficit will begin growing again in the long term. and the question, mr. chairman, has never been whether we need to reduce the long-term deficits. the question has always been how we do it. as i look at the choices in this report, it's clear that the only rational way to tackle the long-term deficit is through the balanced approach that president obama and congressional democrats have been proposing for years, the combination of cuts but also cuts the special interests, tax breaks and other tax expenditures. unfortunately, we didn't have a partner when it comes to closing tax breaks and loopholes for the purpose of reducing the deficit. our republican colleagues continue to refuse to close a single tax break, clean those that encourage american companies to move jobs and capital over
in addition, actual deficit, not just projected deficits but actual deficits have fallen dramatically from 1.4 trillion in fiscal year 2009 to less than 600 billion today, and are expected to continue shrinking as a share of the economy in the near future. but as he goes long-term report makes clear, the deficit will begin growing again in the long term. and the question, mr. chairman, has never been whether we need to reduce the long-term deficits. the question has always been how we do it. as...
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Oct 20, 2017
10/17
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they don't worry about the deficit the only cut taxes the deficite is another thing. my belief is not only will we not have the deficit we will have a surplus in this budget does two things. it restraints branding -- spending and actually creates a system for tax cuts to spuror economic growth. he could just grow the gdp number by 1% that's trillions of dollars in o revenue and to thoe who are interested in this we are growing at 1.9% of gdp per year over there last eight years years, sometimes under and sometimes a bit under. if we could get back to 3.2% gdp growth that would need trillions of dollars coming into the treasury and i believe president trump is trying to deregulate america after eight years of regulation but he can only do so much with an executiveec order. senator sullivan the presiding officer talked about the opportunities in alaska. i've learned a lot about alaska. they are a is 750,000 people living in the state twice the size of texas, beautiful as it can be an environmentally one of the qualities you want to preserve but a lot of natural resource
they don't worry about the deficit the only cut taxes the deficite is another thing. my belief is not only will we not have the deficit we will have a surplus in this budget does two things. it restraints branding -- spending and actually creates a system for tax cuts to spuror economic growth. he could just grow the gdp number by 1% that's trillions of dollars in o revenue and to thoe who are interested in this we are growing at 1.9% of gdp per year over there last eight years years, sometimes...
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May 26, 2017
05/17
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. >> we did subtract the deficit or be deficit neutral. >> and the way the you get to that conclusion is that you recognize there will be immediate revenue reductions from lower tax rates and calculate they will be offset by increased revenues from enhanced economic activity?. >> with respect that is not the calculation but we wentot through the list ofwe exclusions and deductions they do not remember read the number reassigned to the proposal to remove the deduction for state and local taxes that is a wide variety of personal deductions. >> so your testimony hear you are not assuming any growth or tax revenues as a result of increased economic activity?. >> that is with no added growth?. >> adolf i agree or disagree but we assumed economic growth certainly as i mentioned in my opening statement the substance of how we got to 3% is part of that some reassumed government revenues go upent grw but we did not use those numbers to save the tax policy was deficit neutral. >> so that tax policy as you foresee it will be one that is deficit neutral without regard to growth. >> would increase
. >> we did subtract the deficit or be deficit neutral. >> and the way the you get to that conclusion is that you recognize there will be immediate revenue reductions from lower tax rates and calculate they will be offset by increased revenues from enhanced economic activity?. >> with respect that is not the calculation but we wentot through the list ofwe exclusions and deductions they do not remember read the number reassigned to the proposal to remove the deduction for state...
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Oct 6, 2011
10/11
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since they've been in the w.t.o., the trade deficit has almost quadrupled. enough is enough for lindsey graham. we're going to have a chance after seven years of getting a vote that will matter to the american people. and i'm sorry we're mad at each other all the time about everything. i am tired of being mad about the senate not working well. i am going to set aside my displeasure for the process and do something i think will help the people that i represent. i am going to vote to move forward in an imperfect procedural environment, knowing that if we can ever get a vote, it will be the best thing that could happen to the american manufacturing community. it would be a shot across china's bow that's long overdue. and the last thing i would say, that senator sessions has come into this issue. he has brought an intellectual weight to it, emotional comirntle he understands the middle class. and jeff sessions has been the best partner anyone could hope to have to try to push a bill forward that will give america a fighting chance in an a world ey dominated by c
since they've been in the w.t.o., the trade deficit has almost quadrupled. enough is enough for lindsey graham. we're going to have a chance after seven years of getting a vote that will matter to the american people. and i'm sorry we're mad at each other all the time about everything. i am tired of being mad about the senate not working well. i am going to set aside my displeasure for the process and do something i think will help the people that i represent. i am going to vote to move forward...
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Dec 19, 2017
12/17
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the gop is exploring the deficit to fill the pockets of the wealthiest and corporate america. when it comes to children and working families, republicans have the gall to say this, and i quote, the chairman of the finance committee senator on hatch. he says i have a rough time wanting to spend billions and billions to want to help people who won't help themselves and lift a finger and expect the federal government to do everything. is that shocking? >> shame. how dare they. how dare republicans say that about hard-working americans. in contrast, the natural council of bishops have said this appears to be the first federal income tax modification in american history that will raise income taxes on the working poor while simultaneously providing a large tax cut to the wealthy. they go on to say this is simply unconscionable. this republican bill is not tax reform. as i said over and over, this is the worst bill to ever come to the floor of the house. with stiff competition for some of the things i've tried to do, the worst bill in history because the number of people it affects,
the gop is exploring the deficit to fill the pockets of the wealthiest and corporate america. when it comes to children and working families, republicans have the gall to say this, and i quote, the chairman of the finance committee senator on hatch. he says i have a rough time wanting to spend billions and billions to want to help people who won't help themselves and lift a finger and expect the federal government to do everything. is that shocking? >> shame. how dare they. how dare...
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May 26, 2017
05/17
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my 30 year deficit chart. here are the facts.the latest project important to dollars over the next 30 years. projected deficit of $129 trillion that would be advanced the $20 trillion worth of debt. the net value of all private assets is $128 trillion for clearly unstable. let's look at the next sheet. this is what i call my one page income statement over 30 years, three things are yellow. actually four. but three i want to highlight. the deficit is social security is about -- we will put out 18 and actually more in benefits. 18 and a half trillion dollars. medicare is $39 trillion. the remainder of that $129 trillion basically $65 trillion in the debt. so in other words if we do not want to pay 65 $20 in interest to the creditors we better have social security and medicare. i want to focus on medicare. i want to talk about, how you restrain the growth in healthcare costs? isn't that what ought to be the primary goal of any healthcare proposal coming out of congress? how do we bring competitive consumer driven
my 30 year deficit chart. here are the facts.the latest project important to dollars over the next 30 years. projected deficit of $129 trillion that would be advanced the $20 trillion worth of debt. the net value of all private assets is $128 trillion for clearly unstable. let's look at the next sheet. this is what i call my one page income statement over 30 years, three things are yellow. actually four. but three i want to highlight. the deficit is social security is about -- we will put out...
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Apr 8, 2022
04/22
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at the president and most of his party had their way this year deficit and future your deficits would be hundreds of billions of dollars higher. notably the president's reckless tax and spending spree which democrats spent all of last year working to pass is just a footnote in this budget. yet even assuming the reckless tax and spending spree isn't going anywhere, the president's budget still include unprecedented levels of spending of tax hikes and deficit and debt. under the president's budget, spending would average 23.4% over economy over the next ten years. historically this is a level of spending previously only seen for brief periods in response to a recession or a national emergency or war. his budget includes over $2.5 trillion of tax increases that i think is going to be a job killer. despite record levels of tax hikes, the budget fails to balance or even pay our debts or deficit on a sustainable path. our annual deficit the amount that we would spent each year beyond what we taken as revenue would exceed $1 trillion each of the next tenen years and reach e point 8,000,000,0
at the president and most of his party had their way this year deficit and future your deficits would be hundreds of billions of dollars higher. notably the president's reckless tax and spending spree which democrats spent all of last year working to pass is just a footnote in this budget. yet even assuming the reckless tax and spending spree isn't going anywhere, the president's budget still include unprecedented levels of spending of tax hikes and deficit and debt. under the president's...
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Jun 14, 2022
06/22
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importantly, social security does not and by law cannot add even a penny to the deficit. as polarized as americans are over many issues, your constituents agree about social security. poll after poll finds that an overwhelming majority of americans, republicans as well as democrats and independents, believe that social security is more important than ever. they strongly oppose any and all cuts. they want to see benefits expanded. and they want the wealthiest to pay their fair share. what the american people want is extremely wise policy. social security ensures workers' wages against risks that could front -- that con front us all. rich or poor, any of us can die prematurely, leaving young children. rich or poor, any of us can suffer a disabling accident or illness. rich or poor, all of us hope to live to old age. social security protects us against all of these financial risks through life insurance, disability insurance, and joint and survivor retirement annuities. it does it more efficiently, securely, universally, effectively and fairly than its private sector counter
importantly, social security does not and by law cannot add even a penny to the deficit. as polarized as americans are over many issues, your constituents agree about social security. poll after poll finds that an overwhelming majority of americans, republicans as well as democrats and independents, believe that social security is more important than ever. they strongly oppose any and all cuts. they want to see benefits expanded. and they want the wealthiest to pay their fair share. what the...
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Oct 3, 2011
10/11
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the trade deficit with china has exploded. last year it was $273 billion, where $160.4 billion in july of this year. cheap exports coming out of china is a source of cash for the chinese government and the chinese industry. you can't convert the currency in china. in the united states you can take your money and convert it to any currency you would like. if a chinese manufacturer sells a product in the united states and not get paid in dollars, they have to convert it to the yuan. they have very restrictive monetary policies, and the ban of trading on the yuan is 0.5% a day. the dollar can fluctuate based on all kinds of economic forces: our debt, our trade deficit, what's going on here at home. but the chinese government restricts the value, the fluctuation of the currency in a way that costs us jobs. it's estimate that had over two million -- it's estimate that had over two million jobs have been lost over the last decade because of currency ma manipulation alone. over 41,000 jobs have been lost in south carolina alone becau
the trade deficit with china has exploded. last year it was $273 billion, where $160.4 billion in july of this year. cheap exports coming out of china is a source of cash for the chinese government and the chinese industry. you can't convert the currency in china. in the united states you can take your money and convert it to any currency you would like. if a chinese manufacturer sells a product in the united states and not get paid in dollars, they have to convert it to the yuan. they have...
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Dec 4, 2010
12/10
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to reduce the deaf the sit. -- the deficit. help our economy, reduce the deficit. i'd say that's a pretty good deal and that's what the taxpayers told us and the voters told us in this last election. to my friends on the other side, we're reaching out. they may not like the $250,000. but the million dollar and under is a step in a -- and a positive step to help our communities. and, again, why would we give millionaires and billionaire billionaires $300 billion in another bonus? it makes no sense to me. they're not the ones driving the economy. despite what my friends on the other side might say. it is the people in the small business community. it is the people who work every single day. who are working today while we deliberate this issue. who will be working tonight and tomorrow and monday. for us to sit around and say let's wait until monday to have a compromise, today is the day. right now. this is what we're doing. mr. president, i yield the floor. the presiding officer: the senator from montana. mr. baucus: i yield 10 minutes to the senator from oregon. the
to reduce the deaf the sit. -- the deficit. help our economy, reduce the deficit. i'd say that's a pretty good deal and that's what the taxpayers told us and the voters told us in this last election. to my friends on the other side, we're reaching out. they may not like the $250,000. but the million dollar and under is a step in a -- and a positive step to help our communities. and, again, why would we give millionaires and billionaire billionaires $300 billion in another bonus? it makes no...
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Jun 10, 2022
06/22
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and he stated with clarity social security has nothing to do with the deficit. it is totally funded by the levied on the employer and employee. if you reduce, that money wouldn't go into the general fund to reduce the deficit. it would go into the social security trust fund. so, social security has nothing to do with balancing the budget or lowering or erasing the deficit. but the splinter group has patience and money. lots of money and politics love money. 1 so after the 1983 reforms, they began waging a new type of war. the main tactic being why into the face of the american people about what it is they are doing. so now you will never hear from republicans thatat they want to destroy social security. you will never hear that they want to cut to benefits. in fact, they always start their assault on social security with a protest of love. i love social security. i'm just worried it's not going to be there for us in the future. the goal is to convince people that they are going to get nothing so that they will accept less than they are owed. it is under new moni
and he stated with clarity social security has nothing to do with the deficit. it is totally funded by the levied on the employer and employee. if you reduce, that money wouldn't go into the general fund to reduce the deficit. it would go into the social security trust fund. so, social security has nothing to do with balancing the budget or lowering or erasing the deficit. but the splinter group has patience and money. lots of money and politics love money. 1 so after the 1983 reforms, they...
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Jul 22, 2011
07/11
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mainly because in deficit cuts. revenue enhancement, revenue enhancements or reduce spending, tax reduced spending in the tax code doesn't mean eliminating their earned income tax credit. aowed it means reductions somebody's allowed to take and that has renamed been renamed as spend. we have people come to the floor and blame our massive deficit on b how anything and o everything about our out-of-control spending and the war in iraq or a tax cut passed a decade ago ord special preferences for private yachts or jets we tell frattali abl t about it and i hope to be able to contribute in some way to clarifying the issues to do my best today to plainly state somenk of the things i think are plainly true. the first, i would like to addressresident the myth that the president haseficit-ruction a 4 trillion-dollar deficit reduction plan as has been it talked about it. be it seems to be believed that the president has a plan to reduce by $ spending by $4 trillion. but the only plan that the president has put on paper that a
mainly because in deficit cuts. revenue enhancement, revenue enhancements or reduce spending, tax reduced spending in the tax code doesn't mean eliminating their earned income tax credit. aowed it means reductions somebody's allowed to take and that has renamed been renamed as spend. we have people come to the floor and blame our massive deficit on b how anything and o everything about our out-of-control spending and the war in iraq or a tax cut passed a decade ago ord special preferences for...
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Apr 2, 2010
04/10
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simpson back on the stage in his late seventies for the deficit commission. and there's a fine irony here. if you go back to the careers in the 50's they were framed by these norms that erich talked about. and the notion of the intercom all of its revolving around reciprocity in one form or another, trading apprentice should now for influence leader. being able to hussein willing to work hard so you would have the -- you would see the fruits of that labour. i was trying to think about if you could be a maverick today the way paul douglas or william proxmire was in the 1950's what would be a maverick if you don't have a very strong norms, how can you differ from the norms. and in many ways the senate -- we will talk about more until tomorrow -- but the one that alvan sets off as a highly polarized partisan center and the final irony may be that a person who tries to work across party lines, lindsey graham for example who really has systematically on various issues, not all issues, but systematically on a variety of issues sought out partners, tried to work aga
simpson back on the stage in his late seventies for the deficit commission. and there's a fine irony here. if you go back to the careers in the 50's they were framed by these norms that erich talked about. and the notion of the intercom all of its revolving around reciprocity in one form or another, trading apprentice should now for influence leader. being able to hussein willing to work hard so you would have the -- you would see the fruits of that labour. i was trying to think about if you...
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Apr 19, 2012
04/12
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debts and deficits are not a new development, mr. chairman. the whole time that you've served in the senate, it has been a real challenge for both parties n. the last 40 years, i think only four federal budgets have been balanced. the path of least resistance for a general ration has been to keep -- generation to keep revenues low and services high and not deal with the gap, but i think we are at a day of reckoning, and it is my very real hope that this committee and its members will be serious. maybe off camera, maybe individually, maybe collectively about working hard towards finding the very real solutions we need. as i think senator warner previously commented, whatever bipartisan compromise is ultimately reached to solve this problem, it will be difficult, it will be painful, and it will need a real enforcement mechanism. one i try today advance -- tried to advance months ago was save-go, i think a widely-agreed-upon target. save go is something that the bipartisan policy center advocated that i endorsed and i sought repeatedly folks to j
debts and deficits are not a new development, mr. chairman. the whole time that you've served in the senate, it has been a real challenge for both parties n. the last 40 years, i think only four federal budgets have been balanced. the path of least resistance for a general ration has been to keep -- generation to keep revenues low and services high and not deal with the gap, but i think we are at a day of reckoning, and it is my very real hope that this committee and its members will be...
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Apr 21, 2015
04/15
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and increase the deficit. the truth is republicans concerned about the deficit evaporates around wealth and power. it is big talk until they get near the rich and until they get near the powerful and bend it is like this budget a big nothing in terms of deficit savings. the budget is a stark display at the bias and injustice and i don't see any remedy for it in this ramrod process, but i hope when we get to appropriations and funding the country we will come to a more sensible middle ground. thank you. >> thank you. next would be senator portman who is not here and senator warner was not here and senator merkley who is not here. senator johnson. and then senator ayotte. >> i would also like to commend chairman enzi and chairman price for their hard work on this. this is a rare moment. it shouldn't be, but it is. i really take the position of the glass half full as to the class path empty as senator whitehouse said. he mentioned a number of areas of bipartisanship breaking out in the senate as a good thing. the
and increase the deficit. the truth is republicans concerned about the deficit evaporates around wealth and power. it is big talk until they get near the rich and until they get near the powerful and bend it is like this budget a big nothing in terms of deficit savings. the budget is a stark display at the bias and injustice and i don't see any remedy for it in this ramrod process, but i hope when we get to appropriations and funding the country we will come to a more sensible middle ground....
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Dec 20, 2009
12/09
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they tell us in ten years we'll save $130 billion from the deficit. that is a dramatic savings, the largest in history, but then the news got better. they said in the second ten years, instead of saving $650 billion from our debt and deficit, it could reach double that amount, $1.3 trillion in savings in the second ten years. i would say to those who give speeches day after day about our deficit, i invite you, in fact, i challenge you to come up with a bill that does this, that gives us actual savings of $130 billion in ten years and $1.3 trillion in the next ten years. it's hard to do. it may be impossible for some to come up with such a bill. this bill also will extend the coverage of health insurance so that 94% of americans will have coverage. 30 million americans today who have no health insurance will have health insurance under this bill. half of them are poor enough that they'll receive medicaid. the other half will qualify for 9 insurance exchanges -- for the insurance exchanges and other tax credits to help them pay their people are yups so
they tell us in ten years we'll save $130 billion from the deficit. that is a dramatic savings, the largest in history, but then the news got better. they said in the second ten years, instead of saving $650 billion from our debt and deficit, it could reach double that amount, $1.3 trillion in savings in the second ten years. i would say to those who give speeches day after day about our deficit, i invite you, in fact, i challenge you to come up with a bill that does this, that gives us actual...
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Feb 9, 2018
02/18
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eye 19
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if they were against $1 trillion deficits for president obama, why is it okay to be a republican deficit of $1 tr*l? i think there is no escaping the hypocrisy of that. i think there is no escaping also the dire warnings we heard. almost all of the republicans, i venture to say every republican in the senate has made dire warnings about the debt and was critical of president obama. i was one of them. but we need to be honest enough to look in the mirror at ourselves when we are in charge of all three branches of government. you see, when the republicans took over the house, they said, well, don't have too high of expectations. we only control one-third of the government. or one half of one-third of the government. then we took over the senate and they said well, we still can't do anything because president obama is there. now we have a republican president. i don't know what the excuse is going to be. some say well, we must govern. and if by govern they mean act like the other side and run up huge deficits, guess it's not what i'm interested in as far as governing. governing is about mak
if they were against $1 trillion deficits for president obama, why is it okay to be a republican deficit of $1 tr*l? i think there is no escaping the hypocrisy of that. i think there is no escaping also the dire warnings we heard. almost all of the republicans, i venture to say every republican in the senate has made dire warnings about the debt and was critical of president obama. i was one of them. but we need to be honest enough to look in the mirror at ourselves when we are in charge of all...
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Dec 17, 2013
12/13
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actual deficit reduction. although i will acknowledge the deficit reduction is way too small. it's about $22 billion in deficit reduction over ten years compared to existing law. it does provide some sequester relief for the department of defense. the department of defense was facing across-the-board sequester cuts which are kind of arbitrary across-the-board cuts of about $20 billion starting on january 15 and over the next few months. this relief is very important to our military. we've heard from them. it's important to our readiness. it's important to our troops. it's important to wright-patterson air force base in ohio and other bases around the country. it's important to our war fighters who around the globe tonight are putting their lives on the line for us. so i think that sequester relief for the department of defense that's in this budget agreement was important. while this might be the best two-year budget agreement that is imaginable in a time of divided government like we have, with all of the dysfunction here in this town, it is certainly not the comprehensive ag
actual deficit reduction. although i will acknowledge the deficit reduction is way too small. it's about $22 billion in deficit reduction over ten years compared to existing law. it does provide some sequester relief for the department of defense. the department of defense was facing across-the-board sequester cuts which are kind of arbitrary across-the-board cuts of about $20 billion starting on january 15 and over the next few months. this relief is very important to our military. we've heard...
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Apr 2, 2011
04/11
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eye 98
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so i think they face some challenges, and they face sort of a talent deficit. so i wouldn't bet against obama. but it'll be -- we'll eventually get to have the fight which we need to have is here's the money, here's the national wealth, here are programs, here's our debt. how are we going to figure this thing out? and i'd love to think we're going to have that really serious debate and then to end on a pessimistic note -- [laughter] i really don't think we're going to have that debate. [laughter] thank you very much. [applause] >> you're watching booktv on c-span2. 48 hours of nonfiction authors and books every weekend. >>> well, after 27 years of operation, the well known washington, d.c. independent bookstore, politics and prose, has been sold. and we're taking this opportunity on booktv to talk with the new owner, co-owner is bradley graham, formerly of "the washington post." mr. graham, congratulations to you. what made you buy an independent bookstore in 2011? >> well, thanks very much. listen, we're very excited about taking over at politics and prose, yo
so i think they face some challenges, and they face sort of a talent deficit. so i wouldn't bet against obama. but it'll be -- we'll eventually get to have the fight which we need to have is here's the money, here's the national wealth, here are programs, here's our debt. how are we going to figure this thing out? and i'd love to think we're going to have that really serious debate and then to end on a pessimistic note -- [laughter] i really don't think we're going to have that debate....
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7.0
Feb 3, 2022
02/22
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eye 7
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>> not enough that we didn't have a deficit but i will get those numbers. >> deficit last year was $2.8 billion. do you know what our expenses were last year? >> whatever those two numbers are. >> our interest expense on federal debt? >> it is still one of the lowest rates in decades. we pay very little on our debt given interest rates of in low the last few decades. >> we paid $413 billion last year which is 7% higher than 2020. do you know what the duration of the federal debt is? >> i do not. >> do you know the amount of unspent covid money? >> state and local dollars being around $300 billion, 97% of the pre-aarp covid funds remain obligated in most of the direct covid response dollars that are obligated or spoken for. >> the inflation rate or producer price increase has been? >> i do. >> what are they? >> 7%. >> cpi? >> for cpi. >> so nani coloretti, can you give us both? what is our federal that? >> i believe we said in the 30s of trillions of dollars. >> what will our deficit be this year? >> i am guessing here but $4 trillion. >> of our debt is in the 30s, what can we have? what
>> not enough that we didn't have a deficit but i will get those numbers. >> deficit last year was $2.8 billion. do you know what our expenses were last year? >> whatever those two numbers are. >> our interest expense on federal debt? >> it is still one of the lowest rates in decades. we pay very little on our debt given interest rates of in low the last few decades. >> we paid $413 billion last year which is 7% higher than 2020. do you know what the duration...
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121
Nov 14, 2012
11/12
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wars, you add to the deficit. and, mr. president, when you give up a huge amount in tax breaks, as we did under the bush administration, and a lot of those tax breaks went to the wealthiest people in this country -- when you give tax breaks to millionaires and billionaires and you don't offset them, you also add to the deficit. and when you pass a medicare part-d prescription drug program written by the insurance companies, more expensive than it should be, and you don't pay for that, you add to the deficit. and in the midst of this wall street-caused recession, one of the points that many people have not seen is that today at 15.2% revenue is the lowest that it has been as part of our g.d.p. in 60 years. when workers lose theirs jobs, businesses go under, less revenue comes into the federal government, adding to our deficit crisis. that, to a significant degree, is why we are where we are today. and when would you talk about deficit reduction and how we go forward, there's another realit that we have to address.
wars, you add to the deficit. and, mr. president, when you give up a huge amount in tax breaks, as we did under the bush administration, and a lot of those tax breaks went to the wealthiest people in this country -- when you give tax breaks to millionaires and billionaires and you don't offset them, you also add to the deficit. and when you pass a medicare part-d prescription drug program written by the insurance companies, more expensive than it should be, and you don't pay for that, you add...
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126
Apr 2, 2010
04/10
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eye 126
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simpson back on the stage in his late 70s for the deficit commission. and there is a final irony here. to go back to the careers in the 50s, they were framed by these norms that eric talked about. and, the notion of the interclub with much of it revolving around reciprocity in one form or another, trading apprenticeship for influence later, being able to-- being willing to work hard so you will see the fruits of that labor. i was trying to think about, if you could be a maverick today, the way william proxmire was in the 1950s, what would be a maverick? if you don't have very strong norms, how can you differ from the norms? and in many ways, the senate we will talk more about tomorrow in greater detail but the one that alan sets up this is highly polarized partisan center. the final irony may be that a person who tries to work across party lines, lindsey graham for example, who really has systematically on various issues, not all issues to be sure, but systematically on a variety of issues hassad out partners and try to work across party lines or go he
simpson back on the stage in his late 70s for the deficit commission. and there is a final irony here. to go back to the careers in the 50s, they were framed by these norms that eric talked about. and, the notion of the interclub with much of it revolving around reciprocity in one form or another, trading apprenticeship for influence later, being able to-- being willing to work hard so you will see the fruits of that labor. i was trying to think about, if you could be a maverick today, the way...
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11
Mar 15, 2022
03/22
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. >> and how about what was our deficit last year and project the deficit to be this year. >> i want to make sure i get that right, senator scott, i don't have the number at my fingertips. >> and do you know what our revenues were last year, last fiscal year? >> not enough to-- that we doesn't have a deficit i'll get the numbers to the commit. >> deficit 2.8 billion last year. and the number, the collections, last year was $4 trillion. do you know what our expenses were last year? >> whatever the-- delta, those two numbers are. >> how about our interest expense and the federal debt? >> i'd know it's still at a low-- one of the lowest rates in decades. we still pay very little on our debt different the interest rates have remained low for the last three decades. we paid $413 billion last year, which is 7% higher than 2020, what-- do you know what the duration of our federal debt is? >> i do not, sir. >> okay. and you don't know off the top of your head of unspent covid money? >> we talked about the state and lw dallas, but -- low dollars, but the director in arp obligated or spoken fo
. >> and how about what was our deficit last year and project the deficit to be this year. >> i want to make sure i get that right, senator scott, i don't have the number at my fingertips. >> and do you know what our revenues were last year, last fiscal year? >> not enough to-- that we doesn't have a deficit i'll get the numbers to the commit. >> deficit 2.8 billion last year. and the number, the collections, last year was $4 trillion. do you know what our expenses...
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Mar 28, 2018
03/18
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clear the president has tweeted in said another settings that foreign aid is the cause of our budget deficit and the country spends way too much on helping other countries in its time to start helping our country. that is the message that the president has said both times in multiple venues. how do you get a president who is allergic it seems to some of these ideas? >> foreign aid is so obscure that people bring it up in a negative sense. and to have a chance to explain to people that it's less than 1% do a budget and often you don't connect with saving lives with hiv medicine. the pepfar program with the malaria piece to it is a very big part of the 30 billion is that pacific disease. if you explain that to them and should we continue to save those lives so that isn't something that gets out of control and in turn we get a vaccine which then will enable us and the hiv epidemic and a lot more people will need more treatment, would you say it like that people respond more positively. >> you could invite them. >> there are a lot more voters. absolutely getting members of congress to see this w
clear the president has tweeted in said another settings that foreign aid is the cause of our budget deficit and the country spends way too much on helping other countries in its time to start helping our country. that is the message that the president has said both times in multiple venues. how do you get a president who is allergic it seems to some of these ideas? >> foreign aid is so obscure that people bring it up in a negative sense. and to have a chance to explain to people that...
0
0.0
Feb 6, 2024
02/24
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i was thinking about my job as isnot to add to the deficit or t freebies from any agency. i think if you're not independent, and i haven't had contact with in the white house i would say pretty political buy-in and then there is the lack of bailout and the funny thing is the white house would e-mail those to me. i do want to say when i and over the fact there are people in the financial service industry who called president trump directly. you don't always have that. i did say he was lucky i wasn't getting tweeted that day but i think it is a complex question and i hope i've laid it out as it relates to my particular case. we have a number of questions from the audience involving the fed since you've raised your right hand they are talking about the upper current from the bus cycles and housing market. for a long time we managed to keep a lid on inflation but seemed to be back into the chasing our cal mode of inflation. it struck me as a third proposition. they didn't even know if there needed to be a hierarchy. how can we possibly know what the price of money should be fo
i was thinking about my job as isnot to add to the deficit or t freebies from any agency. i think if you're not independent, and i haven't had contact with in the white house i would say pretty political buy-in and then there is the lack of bailout and the funny thing is the white house would e-mail those to me. i do want to say when i and over the fact there are people in the financial service industry who called president trump directly. you don't always have that. i did say he was lucky i...
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78
Aug 2, 2019
08/19
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northern triangle countries are with immigration reform using part of thatsi money with 158 billion a deficit reduction which is why grover norquist supports the bill then you can use that for border security and asylum.s. there is a commonsense solution but despite the rhetoric on all of this it is just too important right now there are too many literal lives at stake for us to mess around so i would hope that you would reconsider this and work with us..l >> i mentioned last night th$750 billion for our committe. i was the chairman and still am. and appropriated $750 billion excuse me $750 million to the triangle countries. i willing to do more i thought the vice president had a good plan but we have a unique situation where people are using our laws against us and advertising all over the world to claim asylum claim bring a small child each day that has got to stop brick i have to use i have to move the bill but i have to show people you want to do something. >> thank you mister chairman i am deeply dust one - - disappointed i'm sad we reach this point today this is not my first time workin
northern triangle countries are with immigration reform using part of thatsi money with 158 billion a deficit reduction which is why grover norquist supports the bill then you can use that for border security and asylum.s. there is a commonsense solution but despite the rhetoric on all of this it is just too important right now there are too many literal lives at stake for us to mess around so i would hope that you would reconsider this and work with us..l >> i mentioned last night th$750...
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Jul 18, 2013
07/13
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i could think of a lot better ways to make money to help us with the deficit than by forcing low and moderate income parents and students to be paying more than they should be paying. if we want to do deficit reduction, maybe we ask the one out of four corporations in america that pays nothing in taxes to start paying their fair share of taxes. may we address growing wealth and income in equality in a way that brings us more revenue. but it is almost a form of regressive taxation to say to low and moderate income students and families you want to go to college, you want to make something of yourself, you want to make it into the middle class, you want to help make our nation more competitive and in a ten-year period, we're going to make $180 billion in profits off of your desire to go to college. i think that that is wrong. i would point out, madam president, that if you look around the world in an increasingly competitive global economy, what you find is that we are at the very bottom in terms of the kind of support we give our young people and their families in terms of going to co
i could think of a lot better ways to make money to help us with the deficit than by forcing low and moderate income parents and students to be paying more than they should be paying. if we want to do deficit reduction, maybe we ask the one out of four corporations in america that pays nothing in taxes to start paying their fair share of taxes. may we address growing wealth and income in equality in a way that brings us more revenue. but it is almost a form of regressive taxation to say to low...
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Oct 17, 2017
10/17
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s own budget talks about the challenges of deficits. i quote, continual overspending and its resulting deficits will expand the federal debt during the next ten years debt held by the public is slated to rise from 77% of g.d.p., $15 trillion to 91% of g.d.p., $26 trillion. why would we propose to increase the debt by $1.5 trillion in a partisan temporary tax reconciliation bill? if folks, especially on the g.o.p., are so focused on the deficit and debt, and i think we should be, why are we including a mechanism in this instruction to raise the debt by $1.5 trillion? i think again the answer is this is not a serious proposal and it's only the vehicle for partisan and temporary tax cuts. the initial analysis i've seen of this tax proposal suggests a couple of things. first, the tax benefits would overwhelmingly be for folks at the top, the wealthiest. the folks who least need a break in taxes. to give you an example, the republican proposal calls for the elimination of the estate tax. that would cost $270 billion over ten years. the estat
s own budget talks about the challenges of deficits. i quote, continual overspending and its resulting deficits will expand the federal debt during the next ten years debt held by the public is slated to rise from 77% of g.d.p., $15 trillion to 91% of g.d.p., $26 trillion. why would we propose to increase the debt by $1.5 trillion in a partisan temporary tax reconciliation bill? if folks, especially on the g.o.p., are so focused on the deficit and debt, and i think we should be, why are we...
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Sep 15, 2022
09/22
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into some of those provisions if you wish, but only to say that on top of all of it, it lowers the deficit. it contributes to lowering inflation, and does so by making the wealthiest and some corporations who have avoided taxes to pay their fair share. so yesterday as we were gathering to celebrate this victory for the people, people over politics, the republicans were, the extreme maga republicans gathered to unveil their latest bill to criminalize women's health in all 50 states. the bill calls for a penalty of five years in federal prison for doctors performing abortions. this is a democracy issue. it's the freedom issue. but it's also a a kitchen tabe issue for america's working families. it comes right to the heart of decision-making in the family. again, as they criminalize women's freedom to makeri their own choices, we have passed legislation to support freedom for women. when we passed the legislation to enshrine roe v. wade into law, not one republican voted for that. okay. well, , let's see what to do abt contraception. nine republicans voted to give women the right to contracep
into some of those provisions if you wish, but only to say that on top of all of it, it lowers the deficit. it contributes to lowering inflation, and does so by making the wealthiest and some corporations who have avoided taxes to pay their fair share. so yesterday as we were gathering to celebrate this victory for the people, people over politics, the republicans were, the extreme maga republicans gathered to unveil their latest bill to criminalize women's health in all 50 states. the bill...
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5.0
Mar 18, 2021
03/21
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at some point that deficit financing total federal debt could ignite inflationary expectations. that's why they get serious about raising revenue. the easiest place is for people who are very wealthy the least dampening effect on the economy. but right now with underutilized capacity with nine.5 million americans who have lost their jobs, 4 million dropping out of the labor wage force altogether 15 million americans working part-time who want to be working full-time with this underutilized capacity, right now we do need to spend to stimulate the economy there's no question about that and there's a great deal of consensus about that with regard to the mainstream. thank you. >> thank you very much. i believe the last question? >> chair sanders thank you very much to you and the ranking member for today's hearing i look forward to having a conversation about the importance of unions. they family raise me to understand that communities are stronger when workers are protected and my grandfather was a union carpenter my dad was an ironworker. my mom worked with the local public school
at some point that deficit financing total federal debt could ignite inflationary expectations. that's why they get serious about raising revenue. the easiest place is for people who are very wealthy the least dampening effect on the economy. but right now with underutilized capacity with nine.5 million americans who have lost their jobs, 4 million dropping out of the labor wage force altogether 15 million americans working part-time who want to be working full-time with this underutilized...